BEST OF THE BROKERS June 11, 2009 TOMKINSGoldman Sachs upgraded Tomkins from “neutral” to “buy”, with a revised 12-month price target of 215p. The broker estimates the engineering company will generate a mid-cycle earnings margin of eight per cent and expects it to say in its July interim management statement that its consumer-end markets have stabilised, and its mid-year trading implies that [...]
CITY MOVES WHO’S SWITCHING JOBS June 11, 2009 Augusta & CoThe independent merchant banking group has appointed Rachael Luxton to strengthen its debt advisory and restructuring capabilities. Luxton joins as a director from the international corporate finance team at Citigroup. She is a specialist in restructuring and managing distressed debt situations, having previously advised firms including MyTravel, Fiat, Yukos and Alstom. Mercer Jerry [...]
Tokyo Aim appoints J-Nomads June 11, 2009 Tokyo Aim, the London Aim market’s new joint venture in Japan, has approved six securities firms to operate as nominated advisers (J-Nomads) on the new exchange. Daiwa Securities, Mitsubishi UFJ Securities, Mizuho Investors Securities, Mizuho Securities, Nikko Citi Group and Nomura Securities have been approved as advisers, allowing firms to start preparing listing applications for [...]
Park Group reports profit spike June 11, 2009 Gift voucher firm Park Group said yesterday pre-tax profit rose 44 per cent to £6.2m over the past year, driven by growth in both the corporate voucher and Christmas savings divisions. Corporate voucher sales increased by four per cent over the year, while Christmas savings customer numbers were up over eight per cent. The group [...]
Boeing cuts demand forecast June 11, 2009 US aircraft maker Boeing has slashed its forecasts for new plane demand due to the industry downturn, and said it was focused on delivering existing orders rather than chasing new ones. The company said in a report yesterday it expected 29,000 new planes to be ordered worldwide over the next two decades, down from 29,400 [...]
Kingfisher building on DIY June 11, 2009 Retailer Kingfisher expects Europe’s home improvements market to contract this year and to be “flattish” in 2010, but believes it will outperform rivals thanks to its scale. Chief executive Ian Cheshire yesterday said that demand for do-it-yourself (DIY) products like tools was picking up.
CITY TRADER OFFERS GAMBLERS A FLUTTER ON A LOTTERY OF HIS LIFE June 10, 2009 REMEMBER the man who, last year, decided to mend his broken heart after a divorce by selling his entire life on eBay, house, car, job and all? Well, one enterprising City boy has decided to go one better – he’s started a competition for entrants to “win a new life”, and stands to make millions [...]
Halfords gets a boost from Brits on bikes June 10, 2009 HALFORDS, the car maintenance and bicycle retailer, yesterday reported a 2.4 per cent rise in full-year profits to £92.4m as the demand for bikes and camping equipment surges in the downturn. Finance director Nick Waller said: “The demand for bikes is sustainable, people are using cycling to beat congestion, for economic reasons and increasingly to [...]
Hedge funds eye M&A deals June 10, 2009 THE beleaguered hedge fund industry is rife with talk of consolidation, as dwindling asset bases eat into these company profits, with the key barriers likely to be hedge fund managers’ egos and poor rewards for sellers. Man Group and RAB Capital have both indicated they are in the market for smaller hedge funds, while Cheyne [...]
Plus Markets sees jump in May trading volumes June 10, 2009 STOCK exchange group Plus Markets saw trading volumes soar in May this year as it continues to push itself as a major competitor in the trading arena. Volumes rose 302 per cent to a total of 6.19bn compared to May 2008, while trade value rose by 142 per cent year-on-year to £6.14bn. Average daily trade [...]